Economy to grow by 1.7% in 2016

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Despite continuous hammer blows from the global oil price crashes, the International Monetary Fund’s latest outlook for the Canadian economy is exceptionally positive compared to other forecasts, projecting a significant 1.7% growth rate for this year.
This is in stark contrast with figures from private economists cited by the federal government and the Organization for Economic Co-operation and Development, which predicted a modest 1.4% growth.
As reported by The Globe and Mail, these numbers put Canada’s performance in a better place than other Group of Seven countries like Japan, France, and Italy. The forecasts were included in a report to G20 officials and central bankers, who went for a two-day meeting last week in Shanghai to discuss growth policies for the global economy.
For 2017, the IMF anticipated 2.1% growth. While reasonably strong, this was actually a downgrade from the organization’s earlier prediction of 2.4%.

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